Zuari Infraworld India Limited (ZIIL) has expanded into the Hyderabad real estate market by signing a Development Management Agreement with Gangothri Developers, the companies announced today.
The shares of ZIIL were trading at ₹233.11 down by ₹10.89 or 4.46 per cent on the NSE today at 12.28 pm.
The joint venture will develop “Zuari Gangothri Tribhuja,” a premium residential project in the Kollur micro market spanning 9.4 acres with an estimated cost exceeding ₹1,500 crore. The development will feature nine high-rise towers with 1,730 three- and four-bedroom apartments.
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According to the press release, the project will have a saleable area of approximately 3.8 million square feet and a total development area of about 5.3 million square feet. The development will include a clubhouse spanning around 100,000 square feet and over 50 lifestyle amenities.
“Hyderabad is one of the fastest growing cities with a bright future and we want to be a part of it,” said Akshay Poddar, Promoter of Zuari Group.
ZIIL, a wholly-owned subsidiary of Zuari Industries Limited, will serve as the Development Manager for the project, while Gangothri Group will execute the construction. The companies indicated that sales will commence following RERA approval.
The project’s strategic location, two minutes from the Outer Ring Road’s Exit 2, provides connectivity to Hitech City, Financial District and other business hubs in Hyderabad.
